CITCORP, a multinational software company based in San Francisco, develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products. Brando Co, purchased cybersecurity software from CITCORP in the amount of \(\$ 2\mathrm{M}\). Brando Co, purchase order details are as follows: 1. Total cost of the software \(\$ 2\mathrm{M}\) to be paid over 36 months in equal monthly payments. 2. Monthly support services (customer care)\(\$ 10,000\) per month. 3. Professional (technical support)\(\$ 2,000\) per month for the first 12 months. 4. The Stand-alone selling price (SSP) for Software is \(\$ 60\mathrm{k}\), support services is \(\$ 15\mathrm{k}\) and for the professional support is \(\$ 3\mathrm{k}\).5. Brando Co, receives a \(\$ 5\%\) discount to be recognized over the life of the contract based on the total contract value. 6. Brando Co , is also a tenant in one of the CITCORP leasing properties in the Bay area and charges \(\$ 15,000\) per month to rent office space. REQUIRED: Clearly call out each of the 5 steps of the New Revenue Recognition standard with the respective calculations for month 1.